1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 2.2% to close at 11,426.6. Losses were led by the
Consumer Goods & Services and Real Estate indices, falling 2.9% each. Top
losers were Qatar General Insurance & Reinsurance Co. and Barwa Real
Estate Co., falling 8.2% and 5.1%, respectively. Qatar Cinema & Film
Distribution Co. was the only gainer, which rose 9.6%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.8% to close at 9,133.9. Losses were led
by the Transport and Petrochemical Industries indices, falling 3.3% each. ANB
Insurance declined 6.6%, while Buruj Cooperative Insurance was down 5.7%.
Dubai: The DFM Index declined 3.6% to close at 3,408.2. The Financial & Inv.
Services index fell 4.8%, while the Real Estate & Construction index declined
4.1%. Gulf Finance House fell 10.0%, while Mashreq Bank was down 8.3%.
Abu Dhabi: The ADX benchmark index fell 1.2% to close at 4,280.1. The
Services and Industrial indices declined 4.1% each. International Fish Farming
Holding Co. fell 9.9%, while Abu Dhabi National Hotels was down 9.8%.
Kuwait: The KSE Index declined 0.8% to close at 6,395.4. The Real Estate
and Technology indices were down 1.2% each. Gulf Finance House fell
10.5%, while Tameer Real Estate Investment Co. was down 7.8%.
Oman: The MSM Index rose 0.2% to close at 6,232.8. Gains were led by the
Financial and Industrial indices, rising 0.4% and 0.3%, respectively. Al Anwar
Holding gained 4.8%, while Al Jazeera Steel Products was up 4.0%.
Bahrain: The BHB Index declined 0.3% to close at 1,464.3. The Industrial
index fell 2.0%, while the Services index declined 0.5%. Nass Corporation
declined 4.2%, while Al Salam Bank – Bahrain was down 2.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distrib. Co. 49.00 9.6 1.0 11.4
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Co. 45.50 (5.1) 1,438.2 8.6
Vodafone Qatar 16.64 (1.1) 901.7 1.2
Masraf Al Rayan 44.60 (1.2) 667.9 0.9
Ezdan Holding Group 15.10 (1.7) 592.6 1.2
Gulf International Services 83.50 (4.0) 521.5 (14.0)
Market Indicators 18 Mar 15 17 Mar 15 %Chg.
Value Traded (QR mn) 390.5 322.0 21.3
Exch. Market Cap. (QR mn) 620,792.0 635,697.3 (2.3)
Volume (mn) 8.5 7.3 16.0
Number of Transactions 5,314 4,785 11.1
Companies Traded 38 39 (2.6)
Market Breadth 1:35 10:27 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,557.30 (2.2) (5.3) (4.2) N/A
All Share Index 3,041.71 (2.2) (5.1) (3.5) 13.9
Banks 3,090.67 (2.0) (4.9) (3.5) 14.1
Industrials 3,737.78 (2.4) (6.0) (7.5) 12.8
Transportation 2,440.46 (0.4) (2.0) 5.3 13.8
Real Estate 2,293.02 (2.9) (5.3) 2.2 13.0
Insurance 3,988.83 (2.1) (4.6) 0.8 18.6
Telecoms 1,291.41 (2.7) (5.5) (13.1) 21.1
Consumer 6,787.37 (2.9) (5.0) (1.7) 24.3
Al Rayan Islamic Index 4,163.94 (2.2) (5.1) 1.5 14.3
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ajman Bank Dubai 2.20 8.9 779.1 (21.4)
Knowledge Eco. City Saudi Arabia 29.12 6.4 21,667.0 72.0
United Electronics Co. Saudi Arabia 100.34 2.8 480.4 24.7
F. A. Alhokair & Co. Saudi Arabia 101.85 2.2 567.3 2.9
Nat. Bank of Abu Dhabi Abu Dhabi 11.59 2.0 612.7 (8.9)
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi Nat. Hotels Abu Dhabi 3.05 (9.8) 0.3 (23.8)
Qatar Gen. Ins. & Re. Qatar 56.00 (8.2) 4.7 9.2
Gulf Pharmaceutical Abu Dhabi 2.93 (7.3) 4.0 1.4
Dubai Financial Market Dubai 1.53 (7.3) 9,673.2 (23.9)
Air Arabia Dubai 1.49 (6.3) 19,437.3 (0.7)
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar General Insur. & Reins. Co. 56.00 (8.2) 4.7 9.2
Barwa Real Estate Co. 45.50 (5.1) 1,438.2 8.6
Qatar Electricity & Water Co. 177.00 (4.4) 41.3 (5.6)
Mazaya Qatar Real Estate Dev. 17.65 (4.3) 512.0 (7.8)
Gulf International Services 83.50 (4.0) 521.5 (14.0)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 45.50 (5.1) 66,758.4 8.6
Industries Qatar 134.50 (2.3) 47,353.4 (19.9)
Gulf International Services 83.50 (4.0) 43,663.0 (14.0)
Masraf Al Rayan 44.60 (1.2) 30,062.3 0.9
Doha Bank 49.95 (1.1) 25,620.5 (12.4)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,426.62 (2.2) (5.4) (8.2) (7.0) 107.23 170,469.5 13.5 1.8 4.1
Dubai 3,408.18 (3.6) (8.1) (11.8) (9.7) 137.71 84,392.0 7.4 1.3 6.0
Abu Dhabi 4,280.07 (1.2) (4.5) (8.7) (5.5) 60.17 119,787.9 11.6 1.5 4.3
Saudi Arabia 9,133.87 (1.8) (5.7) (1.9) 9.6 2,896.78 527,016.9 18.3 2.2 2.9
Kuwait 6,395.44 (0.8) (1.8) (3.1) (2.1) 53.99 97,742.1 17.3 1.1 3.9
Oman 6,232.77 0.2 (2.6) (5.0) (1.7) 17.65 23,955.4 10.3 1.4 4.6
Bahrain 1,464.28 (0.3) (1.3) (0.7) 2.6 1.69 22,884.5 9.6 1.0 4.5
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,400
11,500
11,600
11,700
11,800
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index declined 2.2% to close at 11,426.6. The
Consumer Goods & Ser. and Real Estate indices led the losses.
The index fell on the back of selling pressure from non-Qatari
shareholders despite buying support from Qatari shareholders.
 Qatar General Insurance & Reinsurance Co. and Barwa Real
Estate Co. were the top losers, falling 8.2% and 5.1%,
respectively. Qatar Cinema & Film Distribution Co. was the only
gainer, which rose 9.6%.
 Volume of shares traded on Wednesday rose by 16.0% to 8.5mn
from 7.3mn on Tuesday. However, as compared to the 30-day
moving average of 14.0mn, volume for the day was 39.1% lower.
Barwa Real Estate Co. and Vodafone Qatar were the most
active stocks, contributing 16.9% and 10.6% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Doha Bank
(DHBK)
Capital
Intelligence
Qatar
FSR/LT FCR/ST
FCR/SR
A/A/A2/2 A/A/A2/2 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC
– Local Currency)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/18 US MBA MBA Mortgage Applications 13-Mar -3.90% – -1.30%
03/18 EU Eurostat Trade Balance NSA January 7.9B 15.0B 24.3B
03/18 EU Eurostat Construction Output MoM January 1.90% – 0.20%
03/18 EU Eurostat Construction Output YoY January 3.00% – -2.70%
03/18 UK ONS Claimant Count Rate February 2.40% 2.40% 2.50%
03/18 UK ONS Jobless Claims Change February -31.0K -30.0K -39.4K
03/18 UK ONS Average Weekly Earnings 3M/YoY January 1.80% 2.20% 2.10%
03/18 UK ONS Weekly Earnings ex Bonus 3M/YoY January 1.60% 1.80% 1.70%
03/18 UK ONS ILO Unemployment Rate 3Mths January 5.70% 5.60% 5.70%
03/18 UK ONS Employment Change 3M/3M January 143K 130K 103K
03/18 Italy ISTAT Trade Balance Total January 219M – 5,741M
03/18 Italy ISTAT Trade Balance EU January 452M – 491M
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Fitch upgrades QNBK credit ratings – QNB Group (QNBK)
has consolidated both its position as the leading Financial
Institution in the MENA Region and its region leading credit
rating performance following the news by Fitch Ratings that the
Group’s Long Term Rating has been upgraded to AA- from the
previous A+ with an immediate effect. The move by
internationally renowned Fitch Ratings follows their recent report
on the positive outlook of The State of Qatar and in particular,
the “healthy condition” of the banking Sector. They concluded
that local banks were highly capitalised and that asset quality
was solid. Commitment from the Government to the sector was
a key underlying factor in the reflected cumulative upgrade of
Bank Ratings supported by sovereign wealth funds and the on-
going strong revenues from hydrocarbon production. (QNB
Group Press Release)
 CBQK gets nod for QR3.6bn capital raise – The Commercial
Bank of Qatar (CBQK) has received its shareholders’ approval
to raise capital by QR3.6bn. This will be a combination of
additional Tier 1 and Tier 2 capital. CBQK’s shareholders at the
extraordinary general meeting (EGM) also approved increasing
the bank’s capital by 10% to QR3.26bn from QR2.96bn by
issuing bonus shares on the basis of one new share for every 10
existing shares. At the ordinary general assembly held prior to
the EGM, the shareholders had approved the issuance of local
and global certificates of deposits amounting up to $2bn.
Further, the shareholders approved the board of directors’
recommendation to distribute a cash dividend of 35% of the
nominal share value, which translates into QR3.5 per share. The
shareholders also gave the nod for two amendments in the
Articles of Association that will allow non-Qatari investors to own
up to 49% of the company’s share capital, as well as changing
the company name from “The Commercial Bank of Qatar
(Q.S.C.)” to “Commercial Bank (Q.S.C.)”. (Gulf-Times.com,
Peninsula Qatar)
 QNNS shareholders approve dividend, higher foreign
ownership – Milaha’s (QNNS) shareholders in the ordinary
general assembly meeting approved the board’s
recommendation to increase the company’s foreign ownership
limit up to 49% and to distribute a cash dividend equivalent to
55% of the nominal share value. Dividend distribution will
commence starting March 24, 2015, through QNB Group
Overall Activity Buy %* Sell %* Net (QR)
Qatari 76.57% 58.86% 69,136,840.47
Non-Qatari 23.44% 41.14% (69,136,840.47)

3. Page 3 of 6
branches. The AGM also elected the new board for 2015-17.
Milaha’s Chairman, Sheikh Ali Jassim bin Mohamad al-Thani
said that the company will adopt a wait-and-see approach on
acquisitions in the light of the volatility in the energy markets.
However, he said the company remains focused on exploring
opportunities for organic and inorganic growth to enable it to
become a global player. (Gulf-Times.com, Peninsula Qatar)
 CI affirms DHBK’s ratings on ‘Stable’ Outlook – The
international credit rating agency Capital Intelligence (CI) has
affirmed Doha Bank’s (DHBK) Financial Strength Rating (FSR)
at ‘A’, on ‘Stable’ Outlook, reflecting the Bank’s specialist
franchise in Qatar and the business potential of its new
operation in India, as well as its sound profitability. Improved
loan asset quality metrics and the prospect of an upcoming AT1
issue also support the FSR. The FSR is constrained by tight
liquidity and increased dependence on interbank funds, low
internal capital generation and the risk associated with execution
of the bank’s new strategy. Based on the strength of the Qatari
government balance sheet and the Qatar Investment Authority’s
(QIA) significant shareholding in the bank, the Support Rating is
affirmed at ‘2’. The Bank’s Long and Short-Term Foreign
Currency Ratings (FCR) are affirmed at ‘A’ and ‘A2’,
respectively, reflecting the Bank’s intrinsic financial condition,
and ongoing government support for all Qatari banks. The
Outlook on the FCRs reverts to ‘Stable’, to reflect the pressure
on the FSR, as well as the downside risks to operating
conditions due to the decline in Qatar’s oil revenues and the rise
in interest rates. (CI)
 QSE urges private firms to reap advantages of market
listing – The Qatar Stock Exchange’s (QSE) CEO Rashid Bin
Ali Al Mansoori has urged private and family-owned companies,
which constitute more than 80% of the country’s fast growing
non-hydrocarbon sector, to go for initial public offerings (IPOs)
and get listed to reap various advantages. He said there are
many advantages that benefit those companies’ future, which
include continuity, organizational efficiencies, diversification of
funding options and an optimal financial status. He said that
IPOs in the Middle East have kept a low profile in recent years
and volume has been reduced significantly in most GCC
markets. (Gulf-Times.com, QSE)
 QCSD deposits QNCD, AHCS bonus shares – The Qatar
Central Securities Depository (QCSD) has announced the
addition of bonus shares to the accounts of shareholders of
Qatar National Cement Company (QNCD) and Aamal Company
(AHCS). With this addition, the new capital of QNCD and AHCS
stands at QR540.11mn and QR6.3bn that is distributed across
54.0mn and 630mn shares, respectively. The companies’
shareholders may trade these shares from March 19, 2015.
(QSE)
 Tourism injects $7.6bn into Qatari economy in 2014 – The
tourism sector injected $7.6bn into Qatari GDP in 2014,
representing 8.3% share in the country’s non-hydrocarbon
economy in 2014. According to IFP Info, Qatar received 2.8mn
visitors in 2014, up 8.2% over 2013, generating 61,000 jobs in
the tourism sector. As per the figures released by the Qatar
Tourism Authority (QTA), about 40% of tourists came from other
GCC countries, 15% from Europe and 28% from Asia and
Oceania. Hotel occupancy rates increased to an average of 73%
in 2014, with five-star properties holding the lion’s share, and
hoteliers are expecting those numbers to rise further in 2015.
Qatar’s healthy growth in the hotel and tourism sector was
underlined by the award of more than $2.5bn in contracts in
2014. (Gulf-Times.com)
 Qatar to showcase $8.8bn tourism projects at ATM – Qatar
will be showcasing projects worth $8.8bn at the Arabian Travel
Market (ATM) 2015 roadshow. The ATM 2015 roadshow, which
arrived in Qatar on March 18, 2015 will be meeting with key
industry players and will highlight the country’s healthy growth in
the hotel and tourism sector. Qatar will be represented at the
event by the Qatar Tourism Authority, Qatar Airways, Al Rayyan
Hospitality, and Katara Hospitality at the dedicated Qatar stand.
Projects including Doha Festival City, Doha Convention Centre,
Rayyan Mall, Doha Zoo, Lusail Museum, Katara Towers, and
the FIFA World Cup football stadiums will be exhibited at the
event. (Bloomberg)
International
 Fed opens door wider for rate hike but downgrades
economic outlook – The US Federal Reserve moved a step
closer to hiking rates for the first time since 2006, but
downgraded its economic growth and inflation projections,
signaling it is in no rush to push borrowing costs to more normal
levels. The US central bank removed a reference to being
"patient" on rates from its policy statement, opening the door
wider for a hike in the next couple of months while sounding a
cautious note on the health of the economic recovery. Fed
officials also slashed their median estimate for the federal funds
rate – the key overnight lending rate – to 0.625% for the end of
2015 from the 1.125% estimate in December. The cut to the so-
called "dot plot," together with other economic concerns cited by
the Fed, sent a more dovish message than investors were
expecting, and pushed market bets on the central bank's rate
"lift-off" from mid-year to the fall. (Reuters)
 MBA: US mortgage applications fall in latest week – An
industry group said applications for home mortgages in the US
fell last week as both purchase and refinancing applications
decreased. The Mortgage Bankers Association (MBA) said its
seasonally adjusted index of mortgage application activity, fell
3.9% in the week ended March 13, 2015. The MBA's seasonally
adjusted index of refinancing applications fell 5.2%, while the
gauge of loan requests for home purchases, a leading indicator
of home sales, fell 1.5%. The refinance share of the total
mortgage activity fell to 59% of applications, the lowest level
since October 2014, from 60% the week before. (Reuters)
 Britain raises growth forecasts for FY2015 and FY2016;
earnings growth slows in January – Britain raised its official
growth forecasts slightly as Finance Minister George Osborne
announced the annual budget. Osborne said growth for FY2015
was forecast at 2.5%, up from 2.4% made earlier in December.
Growth in FY2016 is now expected to reach 2.3% compared
with 2.2% in the December forecasts made by Britain's Office for
Budget Responsibility (OBR). Osborne said OBR believed
growth would hold at 2.3% in FY2017 and FY2018 before rising
to 2.4% in FY2019. The Bank of England has predicted Britain's
economy will grow 2.9% in FY2015 and in FY2016, helped by
the plunge in oil prices that is expected to boost consumption.
Osborne said the OBR also forecast the unemployment rate to
fall to 5.3% in FY2015, down from 5.7% in the three months to
January. Meanwhile, official data showed the pace of growth in
British workers' pay slowed in January, hit by fewer bonus
payments, while the percentage of employed people rose to an
all-time high. The Office for National Statistics said Britain's
unemployment rate was stable at 5.7%, matching its lowest level
in almost seven years. Inflation stood at 0.3% in January pushed
down by plunging oil prices. (Reuters)
 OECD urges more reforms despite improving growth
prospects – The Organisation for Economic Cooperation &
Development (OECD) said governments cannot rely solely on

4. Page 4 of 6
low inflation and easy monetary policy to consolidate recovery
and boost employment, even though growth prospects are
improving in the world's largest economies. OECD said growth
remained too low to repair and activate labor markets, noting
that abnormally low inflation and interest rates create a growing
risk of financial instability with risk-taking and leverage driven by
liquidity rather than fundamentals. Central banks would continue
to drive recovery, but the OECD warned against an exclusive
reliance on monetary policy. In its overview of the world
economy, OECD confirmed its forecast of 3.1% GDP growth for
the US economy in 2015 and 3.0% in 2016. OECD raised its
Eurozone growth forecast to 1.4% in 2015 and 2.0% in 2016,
thanks to an acceleration of activity in the zone's largest
economy, Germany. Japan's growth is forecast at 1.0% in 2015
and 1.4% in 2016, up 0.2 points and 0.4% respectively. For
India, the OECD boosted its forecast significantly to 7.7%
growth in 2015, 1.3 percentage points higher than its previous
estimate, while it trimmed its forecast for China by 0.1 points to
7.0% in 2015. (Reuters)
 China says to make flexible use of monetary policy tools –
The Chinese cabinet said the country will pursue an active fiscal
policy and make flexible use of its monetary policy tools to keep
its economy growing at a reasonable speed. In its latest attempt
to relieve concerns about China's cooling economy, the State
Council said it would increase targeted adjustments to its
policies to support the labor market. China's policymakers have
characterized their recent moves, which include two interest rate
cuts and one reduction in the reserve requirement ratio over four
months, as "targeted" adjustments that do not represent a shift
to looser policy. The central bank argues that the rate cuts keep
real interest rates stable and do not mark a switch to an easing
stance, even though that view is disputed by economists. To
stabilize China's economy, the cabinet said the state would
provide more public goods and services, pay closer attention to
water conservation projects, the refurbishment of shanty towns
and the construction of railways in central and west China.
Similarly, superfluous paperwork for ports and trade would also
be abolished to make it easier for companies to do business.
(Reuters)
Regional
 Zamil AC wins SR348mn contract for Dar Al-Hijrah project –
Zamil Central Air Conditioners Company (Zamil AC) – a wholly-
owned subsidiary of Zamil Industrial Investment Company – has
been awarded a new contract valued at SR348mn by Al Fouzan
Trading & General Construction Company. The contract is to
supply custom chiller systems for the Saudi Real Estate
Development Company’s Dar Al-Hijrah project, owned by the
Public Investment Fund in Madinah located in the western
region of Saudi Arabia. The agreement is to supply chillers and
provide maintenance and support services for 15 years. The
company will start supplying heating, ventilating and air
conditioning (HVAC) units by 4Q2015 and will conclude the
supply in 2Q2016. (Tadawul)
 SCC increases capital to SR11.8bn through shareholders
loans – Sadara Basic Services Company, an indirectly-owned
subsidiary of Sadara Chemical Company (SCC) announced that
SCC amended its Articles of Association (AoA) to reflect an
increase in capital. With this, SCC increased its capital by 21.3%
from SR9.7bn (969.96mn shares) to SR11.8bn (1.176bn
shares). The capital was increased through raising loans from
shareholders to offset the losses resulting from the increase in
operating activities. Shareholders retained their original
ownership in SCC following the increase, with Performance
Chemicals Holding owning 65% and Dow Saudi Arabia holding
35% of all shares. (Tadawul)
 KSA healthcare sector to expand 9% in five years –
According to a research report titled, ‘Saudi Arabian Healthcare
Outlook 2020’, the healthcare sector in Saudi Arabia is
anticipated to expand at a CAGR of around 9% during the 2015-
2020. KSA has proven its leadership in the regional healthcare
sector, fuelled by increased government spending in healthcare,
steady rise in population, increase in per capita income and
growing healthcare projects. As per the study, liberalized
investment rules and compulsory healthcare insurance policies
would help the Saudi Arabian healthcare market to grow in the
coming years. Furthermore, thriving healthcare services during
Hajj sessions is another major factor that is driving this industry
in Kingdom. (GulfBase.com)
 APC OGM approves 7.5% cash dividend for 4Q2014 –
Advanced Petrochemical Company (APC) announced that its
ordinary general meeting (OGM) has approved all the items on
agenda including payment of cash dividend for 4Q2014 at 7.5%
of capital, or SR0.75 per share, totaling SR123mn. Shareholders
of record on March 17, 2015 are entitled to this dividend which
will be paid on April 1, 2015. Accordingly, the dividends paid for
FY2014 reach SR3 per share, totaling SR492mn. (Tadawul)
 SCC OGM approves SR6 dividend per share – Saudi Cement
Company (SCC) announced that its ordinary general assembly
meeting (OGM) has approved the proposal to distribute cash
dividends representing 60% of the nominal share value (SR6
per share), amounting to SR918mn. Out of this, interim
dividends for 1H2014 have already been distributed at the rate
of SR3.5 per share, representing 35% of the nominal share
value with a total amount of SR535.5mn. Entitlement to interim
dividends for the 2H2014 shall be to those shareholders who are
registered with the Tadawul at the close of trading on the day of
OGM. The dividend will be distributed on March 26, 2015.
(Tadawul)
 Extra appoints new CEO – United Electronics Company
(Extra) has appointed Abdulhameed Abdulaziz Al Ohali as the
company’s new Chief Executive Officer (CEO), following the
resignation of Karim Al Dahabi who left for personal reasons.
However, Al Dahabi will continue to act as a strategic adviser for
the company. (GulfBase.com)
 Savola unlikely to achieve quarterly target, expects 50%
shortfall – Savola Group announced that it will not be able to
achieve its forecasted net income of SR360mn in 1Q2015 and
the shortfall is expected to be around 50%. The revised
expected net income (before capital gain) for 1Q2015 is
SR178mn. The reasons for the expected shortfall are: lower
than forecasted sales in the retail sector during January and
February 2015, and the widening of deficit between planned and
actual income of the foods sector due to the impact of
devaluation of the local currencies in some countries, where
Savola operates, in addition to some operational difficulties.
(Tadawul)
 JODI: Saudi crude exports reach highest level in 11 months
– According to the Joint Organisations Data Initiative (JODI),
crude oil exports from Saudi Arabia rose 7.8% in January 2015
to reach the highest level in 11 months. The Kingdom shipped
7.47mn barrels per day (bpd) of oil in January as compared to
6.93mn bpd in December 2014. KSA produced 9.68mn bpd of
crude in January, up 0.5% or 50,000 bpd, from December. The
growth in exports coincided with a 7.6% slide in the Brent crude
price, signaling that cheaper oil may be stimulating demand
amid a global surplus. (Bloomberg)
 Du AGM approves AED0.2 dividend per share – Emirates
Integrated Telecommunications Company (Du) announced that

5. Page 5 of 6
its annual general meeting (AGM) has approved the proposed
distribution of AED0.2 per share cash dividend. (DFM)
 UP seeks shareholders’ nod on cash, stock dividend –
Union Properties (UP) has invited its shareholders to consider
and approve the board of directors’ recommendation for
distributing 3% cash dividend and 5% bonus shares for the year
ended December 31, 2014. Shareholders will also consider
approving BoD recommendation not to allocate the 2014 net
profit to any other reserve, other than to statutory reserve.
(DFM)
 EIBank AGM approves AED5mn dividend – Emirates
Investment Bank (EIBank) announced that its AGM has
approved the board’s recommendation to distribute scrip
dividend at 7.692% of the paid-up capital, amounting to
AED5mn. (DFM)
 Mubadala Petroleum to explore Morocco offshore –
Mubadala Petroleum has agreed with the Moroccan government
to evaluate the hydrocarbon potential of a large area off the
Mediterranean coast of Morocco. The company obtained an
exclusive license to carry out a detailed geological survey of the
offshore area, which comprises 3,433 square kilometers.
Mubadala Petroleum will provide the survey results to the
Moroccan government, but the company did not elaborate on
the timetable and the prospects for finding oil or gas. (Reuters)
 RWE to consider 10% stake sale to Abu Dhabi investors –
According to sources, German utility firm RWE is considering
selling a 10% stake to Abu Dhabi investors as it contends with
sliding prices and surging debt. Abu Dhabi’s Sheikh Mansour bin
Zayed Al Nahyan is among the investors who may participate in
the investment, which would be valued at about €1.5bn based
on RWE’s current market price. (Reuters)
 NAPC AGM approves 13 baizas dividend per share –
National Aluminium Products Company (NAPC) announced that
its AGM has approved a total cash dividend of 13 baizas per
share, representing 13% of the value of each share. (MSM)
 Dhofar Insurance AGM approves 9.5% cash dividend –
Dhofar Insurance Company announced that its AGM has
approved the proposed distribution of cash dividend to
shareholders equivalent to 9.5% of the company’s capital for the
year ended December 31, 2014. (MSM)
 OEIHC gets extension on AED71.48mn government soft
loan – Oman & Emirates Investment Holding Company (OEIHC)
has received Abu Dhabi Investment Company’s approval
regarding the extension of a government soft loan, which was
due on October 29, 2014 up to November 1, 2025. The
outstanding loan amount of AED71.48mn will be repayable in six
annual equal installments commencing from November 1, 2020.
(MSM)
 Omani bank’s lending growth slows slightly in January –
According to data from the Central Bank of Oman, lending
growth of banks in January 2015 edged down to 11.1% YoY
from 11.3% YoY achieved in December 2014. Meanwhile, M2
money supply growth accelerated to 14.1% YoY in January from
12.0% YoY in December. (Reuters)
 BNH shareholders approve 20% cash dividend – Bahrain
National Holding (BNH) announced that its annual ordinary
general assembly has approved cash dividend of 20% of the
paid up capital, amounting to BHD2.1mn. (Bahrain Bourse)
 KHCB, Tamkeen sign deal to back SME’s – Khaleeji
Commercial Bank (KHCB) has signed a new agreement with
Tamkeen to further expand the low financing options available to
small and medium-sized enterprises (SME’s) in Bahrain through
Tamkeen’s finance scheme. (Bahrain Bourse)
 Batelco shareholders approve 25% cash dividend – Bahrain
Telecommunications Company (Batelco) announced that its
annual general meeting (AGM) and extraordinary general
meeting (EGM) approved the proposed agenda including the
distribution of cash dividend of 25% from the paid-up capital (of
which 10 fils per share was already distributed as interim
dividend for the year 2014). Accordingly, Batelco share shall
trade ex-dividend starting from March 19, 2015. (Bahrain
Bourse)
 BFMC shareholders approve 20% cash dividend – Bahrain
Flour Mills Company (BFMC) announced that its annual general
meeting (AGM) and extraordinary general meeting (EGM)
approved the proposed agenda including the distribution of 20%
cash dividend from the paid up capital i.e. 20 fils per share.
(Bahrain Bourse)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Ahmed Al-Khoudary
Head of Research Senior Research Analyst Head of Sales Trading – Institutional
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6548
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa
Sahbi Kasraoui QNB Financial Services SPC
Manager – HNWI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is
not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Feb-11 Feb-12 Feb-13 Feb-14 Feb-15
QSE Index S&P Pan Arab S&P GCC
(1.8%)
(2.2%)
(0.8%)
(0.3%)
0.2%
(1.2%)
(3.6%)(4.2%)
(3.6%)
(3.0%)
(2.4%)
(1.8%)
(1.2%)
(0.6%)
0.0%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,167.58 1.6 0.8 (1.5) MSCI World Index 1,754.10 1.0 2.0 2.6
Silver/Ounce 15.95 2.4 1.8 1.6 DJ Industrial 18,076.19 1.3 1.8 1.4
Crude Oil (Brent)/Barrel (FM
Future)
55.91 4.5 2.3 (2.5) S&P 500 2,099.50 1.2 2.2 2.0
Crude Oil (WTI)/Barrel (FM
Future)
44.66 2.8 (0.4) (16.2) NASDAQ 100 4,982.83 0.9 2.3 5.2
Natural Gas (Henry
Hub)/MMBtu
2.77 (0.8) 2.8 (7.6) STOXX 600 398.65 0.9 2.1 2.5
LPG Propane (Arab Gulf)/Ton 51.13 (1.4) (3.1) 4.3 DAX 11,922.77 0.1 1.7 6.5
LPG Butane (Arab Gulf)/Ton 57.75 (2.1) (4.3) (8.0) FTSE 100 6,945.20 1.5 3.1 0.1
Euro 1.09 2.5 3.5 (10.2) CAC 40 5,033.42 0.6 2.0 3.7
Yen 120.11 (1.0) (1.1) 0.3 Nikkei 19,544.48 0.9 1.8 10.6
GBP 1.50 1.6 1.6 (3.8) MSCI EM 956.73 0.8 1.8 0.0
CHF 1.02 2.8 2.7 1.6 SHANGHAI SE Composite 3,577.30 2.5 6.6 10.2
AUD 0.78 2.1 1.8 (4.9) HANG SENG 24,120.08 1.0 1.4 2.1
USD Index 98.55 (1.0) (1.8) 9.2 BSE SENSEX 28,622.12 (0.3) 1.2 5.0
RUB 59.45 (3.3) (4.5) (2.1) Bovespa 51,526.19 2.8 5.5 (16.5)
BRL 0.31 0.9 1.2 (17.5) RTS 841.05 2.2 0.9 6.4
164.2
133.7
122.9